SEC news were used to raise or sink bitcoin price in 2017 to 2019. People used to think that SEC approval, disapproval, posititve or negative decisions will help bitcoin grows more or will kill bitcoin.

What was demonstrated by the market? Bitcoin fell because of bear market and rose because of bull market. In different market, SEC news have different things to do with bitcoin price action.

Obviously, the new attempt at Bitcoin ETF is absolutely a positive new.

There were three more ETFs waiting for approval from the senate.
This time one of them have to go through since bitcoin has raised in price by 10 fold since the last time they were looking at them.
And the economic situation has changed so drastically with the collapsing of the debt ceiling.

And that day, maybe they finally realized that bitcoin will survive even without their intervention.
Because right now, we are seeing that bitcoin is already doing great even without their approval of this bitcoin ETF.
I am on the side that we will really see this in the traditional market exchanges in the very near future.
I also believe that it is only a matter of time before we see that day. And once it happens, I guess, the value of bitcoin will further boost its worth in the market.

People confusing Bitcoin with scams like XRP may well be the reason that SEC is taking so long on regulatory clarity. For example, if one talks about cryptocurrencies, then BTC is really the only one with PoW and zero central leadership such that it can be identified as a new entity.

The Cacth-22 in front of SEC may well be about what to do with bullshit like XRP where some "Foundation" gave itself 60 Billion pre-mined coins and has been selling them to retail buyers since then with active support from centralized exchanges. I think they really want to set the record straight when it comes to "Satoshi's inventions" and these copies that were simply scams supported by slick marketing and bagholders who find these of value.

They have to tread that fine line between corporate coins and actual cryptocurrencies.

That decision, however, is within the competence of the SEC, not the Senate. Yet the SEC certainly cannot operate without policy influence and will not approve an ETF until it receives a signal from the top.

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All the statements coming from the SEC go in the direction that a physically-backed ETF has very little chance, and that it is more likely that the first ETF will be futures-based. Although many different experts in their reflections have expressed doubts about the possibility of any ETF approved during 2021 - so I hope that people will not be too disappointed if this does not happen.

Yes but on the whole world is watching scenario then it would cause more people in the investment sector to keep notice.
And as governments work, they see it passing into senate of it done and dusted then they see uncle sam's seal of approval on it. Also they will have more of a sense of security in using it for their crypto policy bills to pass by those government officials.

Since the price is going up some are mentioning it could be due to the impending approval of this ETF by US regulators.
https://www.reuters.com/business/finance/us-sec-poised-allow-first-bitcoin-futures-etf-bloomberg-news-2021-10-15/
Now there is a difference between the ProShares which is based on the futures market and the one from VanEk.

Major media outlets are stating it could be by Tuesday next week according to CNBC.
https://www.cnbc.com/2021/10/15/bitcoin-etfs-may-finally-make-their-debut-sort-of.html

Plenty of good news coming out! A lot of ETFs are being prepared to set sail. Not only VanEck, Grayscale also announced it was looking to have NYSE filing a document requesting for their GBTC fund to be converted into an ETF:

https://news.bitcoin.com/grayscale-convert-gbtc-into-bitcoin-etf/

many bitcoin backed ETF are getting hit by the SEC decision wall.
so some companies are trying to side set the application process with the unbacked-futures version.

to then show proof of concept of meeting policy of different regulations the SEC want.
to then prove the company has the capacity, ability and systems inplace to meet requirements. and then get SEC trust and approval to allow the company to then offer backed assets.

after all the SEC dont wanna give licences to just any random company that has no history of ever handling an ETF

its like brewing beer to prove you can make ethanol to then win a licence to make bio diesel.